Rents record big jumps in prestige suburbs

Sydney is so hot it occupies all but four of the 50 spots on the list of Australian suburbs with the highest rent.

Sydney is so hot it occupies all but four of the 50 spots on the list of Australian suburbs with the highest rent.

Statistics provided by CoreLogic RP Data for February 2015 show Sydney’s domination over other capital cities in the Australian prestige rental market.

The suburb of Tamarama took out the top spot, with an average weekly rent of $2,749.

It was a massive jump from the $1,600 rental price tag recorded in February last year.

Dover Heights came in next with an average weekly rent of $2,150, which was up from $1,850 in February 2014.

Bellevue Hill recorded a median weekly rent of $1,750, which was unchanged from the previous year.

Double Bay and Vaucluse both recorded an average weekly asking rent of $1,725 – up from $1,625 for Double Bay and a slight drop from $1,750 for Vaucluse.

McMahons Point, Mosman, Balgowlah Heights and Clontarf all had a median asking rent of $1,500 over February.

This was a big increase for McMahons Point from $809 the previous year, while Mosman’s rent remained unchanged.

Balgowlah Heights also recorded an increase in weekly asking rent from $1,045 the previous year, while Clontarf saw a drop from $1,650.

Bronte came in 10th with an average asking rent of $1,463, which was up from $1,190 in February 2014.

The suburb of Peppermint Grove in Perth was the first suburb outside of Sydney to place in the top 50 for most expensive rents, coming in 15th. It recorded a median asking rent of $1,423, a drop from $1,550 in February 2014.

Toorak in Melbourne came in at 27th, recording an average rental price tag of $1,200. This was up from $995 last year.

Fannie Bay and Bayview in Darwin were the only other suburbs outside of Sydney to make the top 50, placing 39th and 40th.

They both recorded an average weekly asking rent of $1,100, which was the same increase from $1,000 in February 2014.